There are hundreds of articles written and many more lectures given that glamorize entrepreneurship. Then there are examples of great entrepreneurs and how they changed the world. It all feels just like being part of the movie, you being the hero. But then few days (or months or years depending on your endurance) down the line, you start facing the truth. Alas, none of those inspiring_authors_and_speakers told you about these. And even if some good ones warned you, there are some things you learn only after experiencing. Here are some reasons why you should not become an entrepreneur –
1. You will have to ask help from others many more number of times than you can help others. Very painful process specially if you are not used to ask for help.
2. You might stop enjoying the luxuries of life and good food in expensive restaurants. These will become objects with a price tag on them with an opportunity cost.
3. There is a large probability that you will not succeed and not become one of those heroes who inspired you to take entrepreneurship. This apply even if you think you are better than 90% of other startups [although you might not be]. You might just be unlucky.
4. Those precious moments that you used to enjoy – reading a book, watching a movie, writing articles – gets limited.
5. There is nothing like work-life balance. You life is your work. And your family needs to be understanding enough to understand this.
6. It will take twice (or thrice) the amount of time you are budgeting to make it click (if it clicks – see point number 3)
7. Unless you are very rich, your living standards will go down compared to your friends – who will be buying apartments, going on vacations abroad and throwing parties in expensive restaurants.
8. You might have to learn the hard way. And you might have to learn lot many things. Even things that you don’t like. And sometimes learning those things can take more time than you expect (point no. 6)
However, there are other reasons that nullify all these points and make you go through the tough journey. And as I mentioned earlier there are some things you learn only when you do them. It’s totally worth doing it – just for the amount of things you learn and of course there are slight chances of success too. This is what Charlie Munger says –
Spend each day trying to be a little wiser than you were when you woke up. Discharge your duties faithfully and well. Step by step you get ahead, but not necessarily in fast spurts. But you build discipline by preparing for fast spurts. Slug it out one inch at a time, day by day. At the end of the day – if you live long enough – most people get what they deserves